Gold Falls to $1,316.25 an Ounce as Dollar Steadies

Gold fell 0.9 percent or $11.85 to $1,316.25 an ounce on Tuesday, according to Reuters. After a three-day rise that saw the price of gold clear $1,332 per ounce, investors lost some fervor for the metal, though the price remains within the range of a three-month high amidst serious concerns about global economic growth.

“There seems to be some profit-taking that started earlier in Asia and we can come back to some downside at support levels in the $1,308 area, between $1,290 and $1,300 and then all the way down to $1,270/$1,250, which were previously providing resistance,” Societe Generale analyst Robin Bhar told Reuters.

U.S. gold futures fell 0.3 percent or $3.94 to $1,314.70 an ounce.